Allbirds (NASDAQ:BIRD) Raised to “Hold” at Zacks Investment Research

Allbirds (NASDAQ:BIRDGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Allbirds Inc. is a lifestyle brand with naturally derived materials to make footwear and apparel products. Allbirds Inc. is based in SAN FRANCISCO. “

Several other analysts also recently issued reports on BIRD. Robert W. Baird cut their price target on Allbirds from $17.00 to $10.00 in a report on Wednesday, May 11th. Piper Sandler lowered their target price on Allbirds from $26.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, February 24th. Bank of America lowered their target price on Allbirds from $23.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 24th. JPMorgan Chase & Co. lowered their target price on Allbirds from $17.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, February 24th. Finally, Wedbush initiated coverage on Allbirds in a research report on Thursday, April 28th. They issued an “outperform” rating and a $8.00 target price on the stock. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $13.13.

Shares of NASDAQ BIRD traded down $0.27 during mid-day trading on Tuesday, hitting $4.41. The company had a trading volume of 1,592,548 shares, compared to its average volume of 2,198,673. Allbirds has a 12 month low of $3.71 and a 12 month high of $32.44. The firm’s 50 day simple moving average is $5.46 and its two-hundred day simple moving average is $10.96.

Allbirds (NASDAQ:BIRDGet Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The company had revenue of $62.76 million during the quarter, compared to analyst estimates of $61.97 million. The company’s revenue was up 26.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.25) earnings per share. As a group, equities analysts forecast that Allbirds will post -0.46 earnings per share for the current fiscal year.

In other Allbirds news, CEO Timothy O. Brown bought 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The stock was acquired at an average price of $4.86 per share, with a total value of $243,000.00. Following the completion of the transaction, the chief executive officer now directly owns 50,000 shares in the company, valued at approximately $243,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael J. Bufano bought 25,000 shares of the firm’s stock in a transaction dated Monday, March 14th. The stock was acquired at an average cost of $5.17 per share, with a total value of $129,250.00. The disclosure for this purchase can be found here.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIRD. Lord Abbett & CO. LLC lifted its position in shares of Allbirds by 651.0% in the first quarter. Lord Abbett & CO. LLC now owns 2,902,677 shares of the company’s stock worth $17,445,000 after buying an additional 2,516,177 shares during the last quarter. Pictet Asset Management SA acquired a new stake in shares of Allbirds in the fourth quarter worth about $22,075,000. Baillie Gifford & Co. lifted its position in shares of Allbirds by 156.9% in the first quarter. Baillie Gifford & Co. now owns 1,368,085 shares of the company’s stock worth $8,223,000 after buying an additional 835,585 shares during the last quarter. Banque Pictet & Cie SA acquired a new stake in shares of Allbirds in the fourth quarter worth about $18,398,000. Finally, Capital World Investors acquired a new stake in shares of Allbirds in the fourth quarter worth about $18,096,000. 26.75% of the stock is owned by hedge funds and other institutional investors.

About Allbirds (Get Rating)

Allbirds, Inc manufactures and sells footwear and apparel products for men and women. It offers shoes, such as running shoes, everyday sneakers, high-tops, slip-ons, boat shoes, flats, weather repellent shoes, and sandals. The company's apparel products include activewear, tops, bottoms, dresses, sweaters, underwear, and socks.

Further Reading

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Analyst Recommendations for Allbirds (NASDAQ:BIRD)

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